Malaysia ranks sixth in terms of the country scorecard in the AEC Blueprint with its 83.9 percent implementation rate.

“We have another 70 variables and components out of the total 436 measures which are not complied with, although many (within the 70 variables) are almost there,” said Mustapa.

The AEC is among three pillars that make up the Asean Community that comes into effect next year, coinciding with Malaysia’s chairmanship of the regional bloc.

Mustapa said: "Any shortfall of targets in the AEC would be incorporated in the post-2015 Economic Vision that is being developed."

The outstanding areas which Malaysia “is falling behind”, he said, included trade facilitation, customs, transport, health and agriculture.

“We’re confident we can complete the process before the end of next year, which will push up our scorecard hopefully beyond 90 percent,” he said at a media briefing.

Earlier, he held a meeting with senior officials from all the ministries. Also present were Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz, Transport Minister Datuk Seri Liow Tiong Lai and Domestic Trade and Consumer Affairs Minister Datuk Hasan Malek.

Overall, Asean has implemented 82.1 percent of the prioritised AEC measures identified for 2013 and another 53 key deliverables for 2014-2015 had also been implemented as at mid-August.

“In Asean, we acknowledge there are issues and difficulties in achieving 100 percent of the measures, ” Mustapa said.

Among the unimplemented measures under the AEC Blueprint are trade in goods, elimination of non-tariff barriers, services liberalisation and non-ratification of agreements.

“It is the final lap and many areas have been liberalised,” Mustapa said.

Intra-Asean investments have been flowing strongly in the region, making up some 20 percent of the total foreign direct investments, and with economic integration, is expected to rise to 30 percent.

Mustapa appealed to Malaysians to take advantage of the opportunities of the big market which will soon be realised, and not be overwhelmed by the challenges.

Some of the fears include those of rice farmers, who may hesitate in their business plans next year for fear that they would lose out to the competition from neighbouring countries, while youths also fear that they could lose out on job opportunities.

So far, more than 100 outreach programmes have been organised but more extensive ones will be carried out.

Source: bloomberg.com